I don’t have enough billable work and I’ve had no traction generating my own business. What are my career options?
The life of a law firm associate in today’s market is far from easy. And the more senior a lawyer becomes, the more important a portable book of business is. The absence of “a book” creates significant career risk-as it minimizes job security and compromises marketability for future law firm opportunities. So what are the options for lawyers who find themselves in this situation? Below are a few:
A Move In House
The in house market is the most active than it’s been in years-and overall desire for general corporate lawyers is fairly strong. So in house opportunities exist. The most highly sought after seniority range is 6-9 years of experience, but some companies will consider more senior lawyers if compensation and title are acceptable-and the other boxes are checked. As a 12th year law firm associate, you’ll encounter two primary challenges if you pursue this path: (1) Your lack of prior in house experience; and (2) Some employers will believe that you’ll be too expensive given your law firm status. But both objections can be overcome…if you’re prepared. Other factors that play a role in the ease or difficulty of an in house move include your credentials, quality of your law firm experience, your geographic region, level of proactivity in networking and applying for in house positions, your interview preparation and personal presentation.
Another Law Firm
For a 12th year seeking to move to another law firm, the overwhelming majority of law firms will require a demonstrated ability to build a practice. $500k-$750k will be a typical minimum book requirement for a viable candidacy, but some firms will consider a lower book depending on a candidate’s seniority, business generation history and quality of the business plan. If you have zero business, you might still have a few options depending on the type/quality of your expertise and credentials as well as your flexibility on compensation and seniority. Options could include: (1) A large international firm with a robust corporate practice that needs local capability/presence; (2) A firm that needs a service lawyer with a niche practice; and (3) A local/regional firm with a good corporate practice and many partners close to retirement (heir apparent and young blood needed).
Project Based Firms/Organizations
If you’re being managed out and want/need work quickly, project based organizations can help bridge the gap. A few examples include FLEX by Fenwick, Paragon and Axiom (catering to in house project work) and CadenceCounsel (offering project work for their law firm clientele). There are several others from which to choose – so take your pick and pursue accordingly.
A Non-Legal Position
If you’ve had it with the law, pursuing a non-legal path might be right for you. Your easiest transition will come with positions tethered to the profession including: law firm marketing, recruiting, HR or other administrative roles.
Back To School
If you can swing it financially, earning an LLM or MBA might be appealing (the better the school, the more marketable you will be upon graduation). This move will allow you to build new skills, enhance your network and create more employment options.
Stay Put
If your job is secure in your current firm…but you want to preserve future law firm options, use your billable hours void and dedicate the time and effort to honing your business development chops. How? First, identify why you haven’t had any traction building a client base. Then, seek assistance to improve: engage a career coach, take classes, attend seminars, study articles, read books, speak with rainmakers you know.
Your current situation may have you feeling anxious and fearful about your career. And while not every door will be open as you pursue your next chapter, options exist that can move you forward. So turn the knob…and get ready to walk through.